Development funding for overlapping project

An experienced property developer in South Yorkshire, who is a long-standing Genie Lending client, approached with a potential new development project, however, as their current project had not yet completed, funds were tight.

The client had been offered the opportunity to buy land with planning at below market value, however, they did not have enough funds to put down the normal expected deposit to purchase the land. This was because all their funds were tied up in the clients’ current project, awaiting sale of properties to go through.

Genie Lending understood the intricacies and were able to show in their application that there was adequate equity within the value of the property, compared with the purchase price. From packaging the information thoroughly and carefully we were able to obtain 100% of the purchase price on a 6 month bridging facility, without the client being required to provide any additional security. This was achieved by showing that the clients have the ability to repay the bridging loan from either the sale of the properties within their current project, or from a traditional development finance facility which we have agreed in principle for the client.

The development finance facility will enable the client to be able to repay the initial bridging loan and provide 100% of the build costs in stage payments, rolling up all interest until the sale of the properties.

If your business has found funding difficult to obtain you can trust Genie Lending to go to every extent to provide the correct finance quickly, for the result you want. As well as the household names in the industry we have access to proven lending sources who you will not find on the high street. Our aim is to help UK SME’s obtain funding for all their business requirements, whether that be growth, acquiring premises, paying HMRC liabilities or simply working capital. Genie Lending can assist with complete finance solutions.